Evolution of the Stablecoin Market Landscape: A Review of 12 Major Public Chain Ecosystems

In 2025, stablecoins will become a focal point in the cryptocurrency market, with a total market value surpassing $245 billion. Stablecoins are not only a barometer of asset liquidity but also an important indicator of the public chain market's recognition. This article analyzes the stablecoin data of the top 12 public chains, outlining a comprehensive picture of the development of public chain stablecoins.

Ethereum: USDC's Growth Holds Half the Market

The market value of Ethereum's stablecoin is 122.5 billion USD, accounting for 50% of all stablecoin issuance. USDT remains the most dominant stablecoin, at around 50%. However, since 2025, the issuance of USDT on Ethereum has decreased by 5.07%, making Tron the largest public blockchain for USDT issuance.

USDC has become a major growth point for Ethereum. As of May 22, the issuance of USDC on Ethereum has reached 36.9 billion coins, accounting for 60.82%. It has grown by 46.4% in six months, making it the main reason Ethereum retains half of the stablecoin market.

TRON: The public chain with the largest USDT issuance, prominent "distribution hub" status.

The stablecoin on Tron mainly comes from USDT, accounting for over 99%, and it is currently the largest public chain for USDT issuance. Tron holds a 31.3% share of the global stablecoin market. The daily trading volume of USDT reaches 2.4 million transactions, far exceeding Ethereum's 284,000 transactions.

The Tron network processes an average of $20 billion in USDT transfers daily, accounting for nearly 29% of the global stablecoin trading volume. Over 1 million independent accounts conduct USDT transactions daily, representing 28% of all active stablecoin wallets.

In terms of growth, the supply of USDT on Tron has increased from $48.8 billion in 2024 to $77.7 billion. Low fees and high speed make it the preferred choice for USDT trading, especially favored by retail investors and emerging markets.

Solana: The Growth Engine Under High TPS

Solana stablecoin increased from 1.8 billion at the beginning of 2024 to a maximum of 13.1 billion in May, a growth of 627%. Although the total amount is 10 times less than Ethereum, the growth rate is significant.

USDC is the preferred stablecoin on Solana, accounting for 73% of the market share. USDT accounts for 20%. PayPal's PYUSD has a market value of 200 million dollars on Solana, second only to Ethereum. Solana has become one of the preferred options for new stablecoins.

BSC: Zero Gas and USD1 Dual Drive

BSC accounts for 2.4% of the global stablecoin market. It will increase from 4 billion in 2024 to 10 billion, a growth of 150%. Two concentrated growth periods: from November 2024 to January 2025, it will grow from 5 billion to 7 billion (, driven by zero GAS fee activities; from the end of April to May 2025, it will grow from 7 billion to 9 billion ), driven by the issuance of USD1.

USDT accounts for 59%, while USD1 accounts for 21%. The proportion of BUSD and FUSD launched on BSC has decreased to around 3%.

Recently, the share of stablecoin DEX trading on the BSC chain has risen from less than 10% to 28%, comparable to centralized exchanges. In May, the number of stablecoin transactions on BSC accounted for 38.1% of all chains, ranking first.

Base: The fastest-growing up-and-comer

Base increased from $177 million to $4.09 billion as of January 2024, a growth of 2210%, which is the largest increase among the top five public chains by market capitalization. USDC is the mainstream stablecoin, accounting for 97.8%. Base is also the public chain with the largest cumulative trading volume of USDC outside of Ethereum.

Hyperliquid: A New Vault for Derivatives Trading

In the past six months, the market value of stablecoins reached 3.26 billion USD, leading several established public chains. USDC accounts for 97.8%, making it the main trading target. Recently, feUSD, USDT, and USDe have been added, opening new ports for ecological applications.

Arbitrum: Drop after incentives end

In 2024, the market value of stablecoins increased from $2 billion to $6.9 billion, then fell to $2.73 billion in early 2025. This may be due to factors such as the termination of incentives, the migration of USDT to new standards, and the absorption of assets by Blast's high yields.

Polygon: USDC Migration and Payment Experiment

The market value of stablecoins rose from 1.26 billion to 2.15 billion US dollars, with an annual increase of nearly 70%. The launch of Circle's native USDC and the pilot programs by Visa and Mastercard for fiat and stablecoin settlements are key drivers. USDT and USDC each account for 40.79% and 47% of the market share.

Avalanche: Lowering fees did not bring explosive growth

The market value of stablecoins has grown by 79%, but the growth momentum is moderate. The significant reduction in fees due to upgrades by the end of 2024 may not sustain the drive, and an overall increase in ecosystem activity may be needed to stimulate development.

Aptos: The Dark Horse of the Move Ecosystem

In the first quarter of 2025, it will突破 $1 billion, an annual increase of 2408%. USDT accounts for 62.39%, while USDC accounts for 32%. After the native USDC launches in January 2025, it will grow rapidly.

Sui: A Rising Star with 230x Growth

The market value of stablecoins increased from 5 million USD to 1.156 billion USD, a 230-fold increase. USDC accounts for 75%. It faces the dual challenge of attracting large funds and ensuring security.

TON: Social support for growth is weak

After the launch of USDT in April 2024, it experienced rapid growth, but by 2025 it fell back to around $900 million. The lack of new hotspots may be the main reason.

Overall, the competitive landscape of public chain stablecoins is still rapidly changing. Ethereum, Tron, and others maintain their advantages, but new forces like Solana and BSC are rising. With the global stablecoin legislation taking effect, competition in stablecoins will become more intense, presenting both new opportunities and challenges.